Malaysia is weighing a return as a regular host of a Formula One Grand Prix, either every year or once every few years, with the government studying the costs and economic benefits, Youth and Sports Minister Mohammed Taufiq Johari told parliament on Thursday.
The Sepang International Circuit hosted a leg of the F1 championship every year from 1999 to 2017 before being dropped from the calendar amid declining ticket sales and concerns over rising hosting costs. It returned earlier this month as a one-off venue for the rescheduled Bahrain Grand Prix, after that race was cancelled at its original venue because of tensions in the Middle East.
Early-stage discussions
Mr. Johari said discussions on a regular return were still at an early stage, including a proposal to stage the race once every few years in partnership with another country. An assessment report is expected to be submitted to the cabinet by November. "Staging F1 is not cheap. It involves quite substantial costs, and there are several important aspects that we need to assess," the minister said.
This month's one-off event was estimated to have generated around 950 million ringgit (about $233 million) in economic returns, but the minister cautioned that the government would need to weigh whether similar returns could be expected every year and whether the country was ready in terms of infrastructure. The cabinet is expected to take a call after receiving the assessment report next month.
Sources:
Reuters: Malaysia considering bringing F1 race back, minister says
The Sepang International Circuit hosted a leg of the F1 championship every year from 1999 to 2017 before being dropped from the calendar amid declining ticket sales and concerns over rising hosting costs. It returned earlier this month as a one-off venue for the rescheduled Bahrain Grand Prix, after that race was cancelled at its original venue because of tensions in the Middle East.
Early-stage discussions
Mr. Johari said discussions on a regular return were still at an early stage, including a proposal to stage the race once every few years in partnership with another country. An assessment report is expected to be submitted to the cabinet by November. "Staging F1 is not cheap. It involves quite substantial costs, and there are several important aspects that we need to assess," the minister said.
This month's one-off event was estimated to have generated around 950 million ringgit (about $233 million) in economic returns, but the minister cautioned that the government would need to weigh whether similar returns could be expected every year and whether the country was ready in terms of infrastructure. The cabinet is expected to take a call after receiving the assessment report next month.
Sources:
Reuters: Malaysia considering bringing F1 race back, minister says